Park Avenue, one of New York City’s prime corporate corridors, is making a strong comeback after the pandemic downturn. The office availability rate fell to 8.2% in the fourth quarter of 2024 — the lowest level since 2018 — according to a report by Avison Young. This marks a sharp improvement from its peak of nearly 20% in mid-2021, when the pandemic’s impact on office leasing was at its height.
The recovery on Park Avenue stands out against the broader Manhattan office market, where the overall availability rate remains significantly higher at 17.9%, despite the borough recording its best leasing volume since the pandemic. As companies compete to attract talent and encourage employees back to the office, demand is surging for modern, amenity-rich properties — a hallmark of many Park Avenue buildings. The shrinking supply of available space on the avenue is pushing tenants to consider nearby properties, further boosting leasing activity in the surrounding area.
Wolf Commercial Real Estate (WCRE), is a leading New Jersey, Pennsylvania, and New York commercial real estate brokerage, advisory, and property management firm that specializes in healthcare, office, retail, land, industrial, and investment properties. For more information about healthcare, industrial, retail, office, land or other commercial properties, please call 856-857-6300 or send an email to info@wolfcre.com.
WCRE is a full-service CORFAC International brokerage, and advisory firm that provides a full range commercial real estate listings, services and property management services for landlords, owners, investors, tenants and more.
As experts in tri-state region, the WCRE team provides ongoing detailed information about commercial properties to our clients and prospects to help them achieve their commercial real estate goals.
